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Category: Real Estate News

New BC Government Regulations for Short-Term Rentals in 2024

Short Term Rental Sign

As of May 2024, the BC Government will be adding its own short-term rental restrictions, which will be in addition to municipal and strata restrictions. The main thrust of the new provincial government legislation is to keep short-term rentals within principal residences only. Although the details are still evolving, below are the current highlights that […]

Bank of Canada Interest Rate Announcement – Oct 25, 2023

bank of canada

The Bank of Canada maintained its overnight rate at 5 per cent this morning. In the statement accompanying the decision, the Bank noted that there is growing evidence that higher interest rates are dampening economic activity, and it expects growth to be weak through 2024. On inflation, the Bank sees little downward momentum in its […]

Seasonal Slowdown Brings Price Stability

english bay summer - 500

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per […]

BC Government Removes Age & Rental Restrictions to Strata Title Properties

New Strata Law pic

BILL 44 – 2022: BUILDING AND STRATA STATUTES AMENDMENT ACT. On November 24, 2022, the BC Government passed amendments to the Strata Property Act which take immediate effect.   There are three significant changes impacting strata properties: 1. All rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo. […]

Provincial Government Expands Speculation & Vacancy Tax to More Regions in January 2023

BC Spec Tax

The B.C. government is extending its speculation and vacancy tax to more communities starting in January 2023. Squamish, Lions Bay, Duncan, North Cowichan, Ladysmith and Lake Cowichan will be added to the list, which already included Metro Vancouver, Greater Victoria, Nanaimo, Lantzville, Abbotsford, Mission, Chilliwack, Kelowna, and West Kelowna. The tax rate is 2% of […]

Prohibition on the Purchase of Residential Property by Non-Canadian Act

CanadianCitizen pic

Non-Canadian and non-Permanent Residents will no longer be able purchase a property in Canada starting January 1, 2023. Here is some key information regarding the Prohibition on the Purchase of Residential Property by Non-Canadian Act: * In an effort to address concerns about housing affordability, the federal government passed a two-year restriction on the purchase […]

Housing Market Cools in May

spring home for sale sign flowers hedges

Spring ushers in calmer housing market trends in Metro Vancouver   After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.   The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the […]

Home Buyer Competition Intensifies

house for sale-sold 2017

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent […]

Vancouver Housing Market Shows Resilience in 2020

2020 Dec Housing Market Shows Resilience

Jan 5, 2021 – Strong December activity brought Metro Vancouver’s 2020 home sales total in line with the region’s long-term annual average.   The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, […]

Government Of Canada First Time Home Buyer Incentive

first-time-homebuyers

1. What is the Government of Canada’s First Time Home Buyer Incentive program (FTHBI)? The FTHBI program enables qualified first-time homebuyer/s (the “Homebuyer”) to reduce their monthly mortgage payment without increasing the amount they must save for a down payment, by providing the Homebuyer with a portion of the purchase price of the home (the “Incentive”). The […]

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